USD/CAD: wedge breakout

The Loonie did breakout on the upside from the falling wedge pattern, now testing a resistance level at 1.0336. FED holds rate meeting today therefore I will entery very cautiously in case of any signal.
On the broader picture the daily chart shows that the recent downswing reversed at the 78.4% fibo level of previous upleg. The partial retracement inside the trend channel suggests a possible attempt to reverse the downtrend but on the short term I still favor the downside.

usdcad 20100623 1d

usdcad 20100623 4h

Like this:

LikeLoading...

Related

This entry was posted on Wednesday, June 23rd, 2010 at 7:53 am and tagged with USDCAD and posted in analysis. You can follow any responses to this entry through the RSS 2.0 feed.